Letwin delivers upper cut to Chancellor

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OUR prudent Chancellor may be about to be ambushed. Oliver Letwin has come up with a plan that should have wide appeal to all those who would like to see the public finances run in a sensible, orderly fashion. It is a plan that builds on one of Mr Brown’s self-proclaimed triumph of granting independence to the Bank of England. How could our Chancellor and his government colleagues fail to appreciate its attractions?

Shadow Chancellor Mr Letwin has often been criticised for failing to land any blows on Mr Brown, a notoriously difficult task given Mr Brown’s ability to blind